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Message
re: Your 2023 Financial Goals
Posted on 1/1/23 at 7:32 am to pioneerbasketball
Posted on 1/1/23 at 7:32 am to pioneerbasketball
1. Continue maxing tax advantaged accounts
2. Evaluate our spending for anything we could cut back on
3. If we can cut 2 above, that increases automatic investments into our brokerage
4. Reach a steady state regarding our home (bought and sold primary residence in 2022). Our savings rate a little lower in 2022 due to improvements and unexpected maintenance to the new home.
About the posters talking about auto investment, I do weekly purchase of VFIAX every Friday. I did detailed review of our free cash flow, put an annual amount I wanted saved and divided by 52 for the weekly amount. Satisfies my desire for DCA and keeps me from worrying about timing anything.
ETA - 5. Evaluate if a mix between UTMA/UGMA makes sense vs the 100% 529 contributions to my 3 children’s 529 accounts.
2. Evaluate our spending for anything we could cut back on
3. If we can cut 2 above, that increases automatic investments into our brokerage
4. Reach a steady state regarding our home (bought and sold primary residence in 2022). Our savings rate a little lower in 2022 due to improvements and unexpected maintenance to the new home.
About the posters talking about auto investment, I do weekly purchase of VFIAX every Friday. I did detailed review of our free cash flow, put an annual amount I wanted saved and divided by 52 for the weekly amount. Satisfies my desire for DCA and keeps me from worrying about timing anything.
ETA - 5. Evaluate if a mix between UTMA/UGMA makes sense vs the 100% 529 contributions to my 3 children’s 529 accounts.
This post was edited on 1/1/23 at 7:37 am
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Posted on 1/1/23 at 8:14 am to pioneerbasketball
1. Continue buying rentals. Goal will be to add our first apartment complex or mobile home park to the portfolio.
2. Increase net worth from 2m to 3m.
3. Cut out as many expenses as possible to increase savings/investments.
4. Purchase more vending machines or start buying laundromats.
2. Increase net worth from 2m to 3m.
3. Cut out as many expenses as possible to increase savings/investments.
4. Purchase more vending machines or start buying laundromats.
Posted on 1/1/23 at 8:33 am to TheOcean
quote:
2. Increase net worth from 2m to 3m.
How do you plan to increase your net worth 50% in a year? Not saying you can’t, just curious. That’s a large goal
Posted on 1/1/23 at 9:12 am to Upperdecker
I think 500k is more realistic. But we plan on getting into some larger real estate deals where we can do a lot of the rehab work
Posted on 1/1/23 at 9:50 am to TheOcean
My goal is to not watch my investment portfolio go fricking backwards this year.
Posted on 1/1/23 at 10:21 am to TheOcean
GL to you baw
Posted on 1/1/23 at 10:33 am to pioneerbasketball
1. Down payment on a custom built new construction house.
2. Invest at least $250K new money in the market.
3. Build and maintain savings of at least $200K
4. Maintain at least $200K in the business at all times.
5. Donate to LSU TAF and Cancer research.
6. Donate to kids schools.
7. If all goals are exceeded, entertain buying investment real estate at the end of the year.
We can do it!
2. Invest at least $250K new money in the market.
3. Build and maintain savings of at least $200K
4. Maintain at least $200K in the business at all times.
5. Donate to LSU TAF and Cancer research.
6. Donate to kids schools.
7. If all goals are exceeded, entertain buying investment real estate at the end of the year.
We can do it!
Posted on 1/1/23 at 10:36 am to TheOcean
From what I have read on laundromats, seems like either you or someone already working for you better know how to work on the machines. Seems like paying a repair service would eat your lunch. I had to use one a few years ago when traveling for work for a month. The place charge like 4 dollars per wash. There was a daytime attendant in there (not sure about night). The attendant was doing laundry for people who paid just to drop it off.
Posted on 1/1/23 at 7:38 pm to pioneerbasketball
I’d like to buy a rental property if home prices drop over the next year
Posted on 1/1/23 at 8:28 pm to kaaj24
I saw two rental properties snatched up the day after it was listed for sale. I wonder if the raise in insurance rates are causing owners to sell.
Posted on 1/1/23 at 8:44 pm to pioneerbasketball
Catch within 5% of the bottom in crypto
Posted on 1/2/23 at 12:35 am to pioneerbasketball
My goal is to make more $….keep scaling businesses so I can continue increasing monthly distributions. Long term net monthly cash goal is pretty high.
Posted on 1/2/23 at 5:55 am to pioneerbasketball
1. Spend less than I make
2. Max retirement accounts.
3. Consolidate some accounts.
4. Cash in some 30 year old savings bonds.
5. Simplify portfolio
6. Show my adult children where everything is financially.
7. Buy some beaten down dividend stocks.
2. Max retirement accounts.
3. Consolidate some accounts.
4. Cash in some 30 year old savings bonds.
5. Simplify portfolio
6. Show my adult children where everything is financially.
7. Buy some beaten down dividend stocks.
Posted on 1/3/23 at 6:35 am to pioneerbasketball
1. Add $15k to emergency/savings accounts which got depleted with some unexpected expenses this year.
2. Max 401K contributions for wife and I
3. Buy $1M in RE
4. Hit business goals so I can hire someone to do a portion of my current day to day role
5. More significant vacation with the wife
6. Family vacation with the kids for more than a weekend.
2. Max 401K contributions for wife and I
3. Buy $1M in RE
4. Hit business goals so I can hire someone to do a portion of my current day to day role
5. More significant vacation with the wife
6. Family vacation with the kids for more than a weekend.
Posted on 1/3/23 at 6:40 am to pioneerbasketball
1. Stay debt free (including mortgages)
2. Max Out all retirement funds
3. Make $1,000,000 profit (before taxes) on my main biz
4. Continue to keep living expenses under $2,000 per month (gf, I and hopefully baby soon)
2. Max Out all retirement funds
3. Make $1,000,000 profit (before taxes) on my main biz
4. Continue to keep living expenses under $2,000 per month (gf, I and hopefully baby soon)
Posted on 1/3/23 at 8:33 am to I Love Bama
If that’s all true then that’s wild and congrats to you.
Posted on 1/3/23 at 9:40 am to BearsFan
I think he lives in Mexico.
It definitely makes one consider retirement abroad if any numbers are skinny.
It definitely makes one consider retirement abroad if any numbers are skinny.
Posted on 1/3/23 at 10:15 am to pioneerbasketball
1. Beef up our emergency fund to 3 months' income (newborn arrived last year and would like to fatten our buffer)
2. Start saving a house downpayment (this may include trying to find a more efficient rental in the near-term)
3. Get back on track with saving for things like Vacation, Birthdays, etc., on the front-end of the budget instead of "whatever is left" at the end of the month
4. Establish ~20% saving rate
2. Start saving a house downpayment (this may include trying to find a more efficient rental in the near-term)
3. Get back on track with saving for things like Vacation, Birthdays, etc., on the front-end of the budget instead of "whatever is left" at the end of the month
4. Establish ~20% saving rate
Posted on 1/3/23 at 11:01 am to pioneerbasketball
1) save more cash - I invest a bit too much and have small cash on hand reserves
2) make 3rd Ibond purchase for me and Mrs. KTG
3) review my life insurance coverage
4) continue to plow money into 529 for youngest child
5) review media subscriptions with wife and kids and see what we want vs what we need
6) get rid of storage room - if we don’t need items, donate or chunk - storage room is costing me $1,200 a year
7) meet with a real financial planner than can help map out MRDs, insurance, social security, etc - I am too old and have too much saved to trust my dumbass to do it right
8) continue to teach my children the power of compounding interest
9) continue maxing out 401k, 401k catch up and HSA
10) stop trying to trade stocks / commodities - move into VOO, SCHD and find a place with less stress
2) make 3rd Ibond purchase for me and Mrs. KTG
3) review my life insurance coverage
4) continue to plow money into 529 for youngest child
5) review media subscriptions with wife and kids and see what we want vs what we need
6) get rid of storage room - if we don’t need items, donate or chunk - storage room is costing me $1,200 a year
7) meet with a real financial planner than can help map out MRDs, insurance, social security, etc - I am too old and have too much saved to trust my dumbass to do it right
8) continue to teach my children the power of compounding interest
9) continue maxing out 401k, 401k catch up and HSA
10) stop trying to trade stocks / commodities - move into VOO, SCHD and find a place with less stress
Posted on 1/3/23 at 11:15 am to KillTheGophers
quote:
1) save more cash - I invest a bit too much and have small cash on hand reserves
After 2008, this was my big change. The right cash mix level has provided peace of mind and optionality value ever since.
quote:
5 and 6
Yes! Please post your learnings. The Turftaint household is all ears.
quote:
8 Compounded interest
Music to my ears when we hear our daughter making life decisions that impact future financial value about TVoM at the core. Good decisions, too, are icing on cake.
Well done on you!
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